Virginia Code 64.2-1062: Asset-backed security.
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A. Except as otherwise provided in subsection B, a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt.
Terms Used In Virginia Code 64.2-1062
- Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Virginia Code 64.2-1033
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ Virginia Code 64.2-1033
- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ 354.